Online pawn shops offer cash and convenience

While some businesses are struggling in our current economy, pawn shops are among those thriving. Now you can pawn your valuable items via the web.

One online business that is really taking off is called PawnGo.com. It's a full-service online pawn shop that lets you get cash when you need it without the hassle of physically going to a pawn shop. One local woman used it to make quick cash.

When Lindsey Krist was looking for a way to make some quick cash off some jewelry she didn't want, she thought of a traditional pawn shop but had misgivings about visiting one in person.

"I don't know if I would," she said.

That's when Krist found out about a website called PawnGo.com, an internet-based pawn shop that works just like a traditional pawn shop.

"I am a big review reader and it got good reviews," she said.

PawnGo CEO Todd Hills explained, "You can sell the asset and get paid today or you can get a 90 day loan, and you can actually get six months. And then at the end of the 90 days or six months, when you pay back the money that you borrowed, we will put the asset back in the envelope and send it back to you."

Hills says 70 percent of his business is done by loans. The interest rate is three to six percent per month. Hills says his business is seeing a bump in traffic because people are looking for a way to avoid credit cards.

"We heard this over Christmas time a lot. (People said) it's not I don't have the available credit on my credit card, because I do but I would rather borrow the money from you, pay a little extra, get my assets back in 90 days and I'm debt free again," Hills explained.

At PawnGo, you begin by describing your item and upload a picture if possible. Soon after, PawnGo will send you an email with an offer.

Krist said, "Basically I went to the website and I told them about the item I wanted to sell and they quoted me and I accepted the quote."

If you accept the quote, the company will send you a FedEx envelope paid by PawnGo. When your package arrives, a team of certified evaluators inspects your item and emails a final offer. Once you agree, cash is deposited into your bank account.

"It was literally like two day turnover and I didn't have to do anything except go online," Krist said.

If you are looking for a retail bargain, in early February PawnGo will launch its retail site where you can find bargains on designer goods, jewelry even electronics.

PawnGo guarantees that their loan or buy offer for your item will be better than any other pawn shop or any other online marketplace.